Robinhood Markets, Inc. (NASDAQ:HOOD) Q3 2023 Earnings Call Transcript November 7, 2023 5:00 PM ET
Company Participants
Chris Koegel - VP of Corporate FP&A and IR
Vlad Tenev - CEO and Co-Founder
Jason Warnick - CFO
Conference Call Participants
Dan Dolev - Mizuho
Devin Ryan - JMP Securities
Michael Anagnostakis - Wolfe Research
Michael Cyprys - Morgan Stanley
John Todaro - Needham
Ken Worthington - JPMorgan
Operator
Good day and thank you for standing by. Welcome to Robinhood Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the presentation, there will be a question-and-answer session. [Operator Instructions] And please be advised that today's conference is being recorded. I would now like to turn the call over to Chris Koegel, Vice President of Corporate FP&A and Investor Relations.
Chris Koegel
Thank you, Carmen, and thank you to everyone for joining Robinhood's Q3 Earnings Call. With us today are CEO and Co-Founder, Vlad Tenev, and CFO, Jason Warnick.
Before getting started, I want to remind you that today's call will contain forward-looking statements. Actual results could differ materially from our expectations, and we have no duty to provide updates unless legally required. Potential risk factors that could cause differences including regulatory developments that we continue to monitor, are described in the press release we issued today, the earnings presentation on our Investor Relations website at investors.robinhood.com, our Form 10-Q filed this afternoon and in our other SEC filings.
Today's discussion will also include non-GAAP financial metrics. Reconciliations to the GAAP results we consider most comparable can be found in the earnings presentation.
With that, let me turn it over to Vlad.
Vlad Tenev
Thanks for the intro, Chris, and thanks to everyone for joining us today. It's been nearly 10 years since Baiju, and I first launched the waitlist for Robinhood. Back then, nobody had heard of fintech, customers were paying $7 to $10 every time they placed a trade at one of the discount brokerages and people were generally skeptical about using their smartphones for serious financial matters. Investors were also skeptical about Robinhood’s prospects as a business. They viewed the idea of us entering a highly regulated market with large entrenched competitors as a fool's errand. Even if we were to succeed in bringing our product to market, would anyone want it? The conventional wisdom at the time was that an individual stock investing was dead and that all anyone needed with index funds. We spoke to nearly 100 investors before we closed our initial seed round at a $10 million valuation.